U.S. budget deficit likely to hit $250 billion

January 23, 2008
U.S. budget deficit likely to hit $250 billion

WASHINGTON - The overall U.S. budget deficit could hit $350 billion this year, largely due to a weakening economy and the costs of wars in Iraq and Afghanistan, according to the Congressional Budget Office and a top Senate official.

The non-partisan CBO says that once the cost of wars in Iraq and Afghanistan is added to its "baseline" deficit estimate of $219 billion, the deficit would be about $250 billion.